The International Bank of Commerce - Oklahoma filed suit Thursday in a Lubbock district court against co-owners Bart Reagor and Rick Dykes individually, as well as multiple capital and insurance branches of the Reagor-Dykes Auto Group. Those companies appear to be portions of the Auto Group that haven't filed for bankruptcy.

Tex-Fi Capital, LLC, and RD7 Investments, LLC, are based in Lubbock, while R&D Investments Reinsurance Co., Ltd., R&D II Reinsurance, Ltd., R&D III Reinsurance, Ltd., R&D IV Reinsurance, Ltd., and R&D V Reinsurance, Ltd., are all listed as Turks & Caicos Islands Corporations. The guaranty agreements attached to the lawsuits indicate other dealerships and entities would also be included, but they can't be listed as defendants since they've been placed into the Auto Group's bankruptcy estate.

In its petition, the bank claims Reagor, Dykes, and each of these companies owe on three loans totaling $35.2 million, after D&R Acquisitions defaulted on the loans. The bank claims the first $10 million loan matured and remains unpaid as of January 13, 2019, while no installments have been paid on a $25 million or a $200,000 loan since July 2018. Further, the bank reports more than $4 million in overdraft fees owed on IBC accounts maintained by D & R Acquisitions.

According to its guaranty agreements, the bank claims the defendants "unconditionally and irrevocably guarantee[...] the prompt payment and performance" of all obligations, including overdrafts. On May 7, 2019, the bank's suit reports it foreclosed on $16,421,000 worth of properties pledged as collateral in connection with the loans, most of which went to pay legal fees, expenses, and overdraft coverage.

The bank claims Reagor, Dykes, and the multiple companies have failed, refused, and continue to refuse paying the approximately $26 million left over after the foreclosure payments. Each loan -- $10 million, $25 million, and $200,000 -- continues to accrue interest.